I just want to get all my followers a quick update. I expect one more drop!
We just did go up in a rising wedge on the 15 min chart. And at the moment speaking we dropped below the support.
Target is around 8.5k usd!
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We could test the resistance one more time before going down.
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Im travelling atm so I can update. But there is a potential head- shoulder on the 15m chart!
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One more thing. A head-shoulder is only valid when it dropped below the neckline. But we have two clear signs: - volume is declining; - we dropped below the rising wedge.
But we should keep in mind, that the head shoulder pattern is only valid when we dropped below the neckline at 10.750 usd on bitfinex.
We have a big alt-rush this days. This makes the bitcoin less interesting what in my opinion can cause a drop in btc price, what will make the alt-coins also drops.
I see only self fulfilling prophecies here. This head and shoulder pattern is just a pump and dump scheme that some people are using to get some profit if enough other people just blindly following these prophesies. You just saw MarkH99 saying that he will sell at 12 - 12.5k, how many of you will do the same, I bet all of you. And since only a bunch of you trading without fresh buyers which don't care about your head and shoulders pattern, guess what is going to happen? the price will go down because of your dump, is this head and shoulders you guys are talking about?
terps530
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@pgarret, but the h&s is already on its way down- there is no pump here. seems more to prepare people for the dump that is coming, and he's showing signs of it on multiple timelines. you make it sound like selling at 12-12,5k and rebuying at 8.5k is a bad thing... wouldn't that be an great way to lower your cost or get more btc for the same cost? lol
pgarret
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@terps530, Selling and buying at those targets is not a bad thing, the head and shoulder thing is in my opinion exaggerated, I mean head and shoulder at 15 minutes is just too much.... If you look at 1 day you will not get any head and shoulders the way is depicted on the chart so which one is going to be? because you can get all kind of geometrical figures from these charts but isn't that self fulfilling prophesy? We can get a more precise prediction on bigger time frames not smaller time frames. Smaller time frames are highly speculative and more likely to be just that but sometime effective for pump and dump situations. Anyway that's not so important by now because we are going down anyway with or without head and shoulders. In the past 4-5 days over $300 billions were gone from the market, so unless those money come back we are not going to see BTC going up too much and confidence regained, we should be happy to get 12.5k.
coldfire007
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recovered from the recent pop. now I am all cash. IMO for a healthy correction we need to go down to 6-8k levels, with a lot of VOLUME to confirm good support, we did not see that on the 17th. I hope I played this right.
i.imgur.com/ddrNo4G.png